Energy – Latest News https://latestnews.top Sun, 24 Sep 2023 13:15:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://latestnews.top/wp-content/uploads/2023/05/cropped-licon-32x32.png Energy – Latest News https://latestnews.top 32 32 Gamer chugged twelve energy drinks in 10 minutes to impress his friends… and suffered https://latestnews.top/gamer-chugged-twelve-energy-drinks-in-10-minutes-to-impress-his-friends-and-suffered/ https://latestnews.top/gamer-chugged-twelve-energy-drinks-in-10-minutes-to-impress-his-friends-and-suffered/#respond Sun, 24 Sep 2023 13:15:16 +0000 https://latestnews.top/gamer-chugged-twelve-energy-drinks-in-10-minutes-to-impress-his-friends-and-suffered/ A gamer who chugged twelve energy drinks in 10 minutes has suffered awful consequences. The 36-year-old man, who goes by ‘JS’, almost died and his pancreas began ‘digesting itself’ after he decided to down the caffeinated drinks in an effort to impress his colleagues. A doctor who shares stories of previous patients on YouTube, Dr Bernard […]]]>


A gamer who chugged twelve energy drinks in 10 minutes has suffered awful consequences.

The 36-year-old man, who goes by ‘JS’, almost died and his pancreas began ‘digesting itself’ after he decided to down the caffeinated drinks in an effort to impress his colleagues.

A doctor who shares stories of previous patients on YouTube, Dr Bernard Hsu or ‘ChubbyEmu’, brought the case to attention

The video explained that when JS he was growing up in the 80s, he was always around video games – his parents liked playing them but he didn’t really have any friends.

So, trying to connect with people in his workplace, he thought it would ‘be funny’ to chug an excessive 12  freebie energy drinks within 10 minutes.

A gamer who chugged twelve energy drinks in 10 minutes has suffered awful consequences (The man pictured in the YouTube video is an actor dramatising the incident)

A gamer who chugged twelve energy drinks in 10 minutes has suffered awful consequences (The man pictured in the YouTube video is an actor dramatising the incident)

However, the stunt quickly took a turn for the worst –  after he had finished drinking, the man immediately felt ill.

The doctor recalls ‘The bottom of his chest was burning, he wasn’t sure if it was his stomach or his heart hurting.

He was short of breath and decided to take his mind off the pain by playing video games.

Though, ‘as the hours passed, he could feel his heart fluttering’ – but he was confused by why it was happening as caffiene ‘usually doesn’t have much of an effect on him’.

JS regularly exceed the recommended 400 milligrams a day of caffeine, pushing it to as high as nine hundred milligrams sometimes.

As his condition worsened, he threw up in his kitchen sink which only made him feel worse – he could supposedly ‘feel his heart beating in his eyes’.

He didn’t suspect it was the energy drinks and waited a day before calling an ambulance as he couldn’t eat or drink.

Upon arrival at the emergency room, the gamer threw up on a nurses shoes and was ‘too embarrassed’ to admit how many drinks he consumed.

The 36-year-old man, who goes by 'JS', almost died and his pancreas began 'digesting itself' after he decided to down the caffeinated drinks in an effort to impress his colleagues ((The man pictured in the YouTube video is an actor dramatising the incident)

The 36-year-old man, who goes by ‘JS’, almost died and his pancreas began ‘digesting itself’ after he decided to down the caffeinated drinks in an effort to impress his colleagues ((The man pictured in the YouTube video is an actor dramatising the incident)

He was eventually diagnosed with hyperglycemia, which is when the level of sugar in your blood gets too high. 

However, doctors were worried that something else could be wrong and after more tests, he was diagnosed with hyperlipasemia, also known as acute Pancreatitis.

This is a serious condition where the pancreas becomes inflamed over a short period of time. 

The man’s pancreas had started ‘digesting itself’ due too much fat in his blood, caused by the energy drinks – his liver and kidneys began to shut down and he developed a blood infection.

Thankfully after medical treatment and antibiotics, JS survived the ordeal. 

Though, it serves as a stark warning that could lead others to rethink their energy drink consumption.

Dr Hsu warned viewers ‘Most people know energy drinks can be dangerous when consumed in huge excess.

‘If you have one once in a while, and you’re young and healthy, it’s probably not a big deal. 

‘But if you start chugging multiple cans back to back, then bad things are probably going to happen.’

The man in the YouTube video is an actor dramatising the incident. 

Dr Gareth Nye, Programme Lead for Medical Science at Chester University, said the man is lucky that his heart didn’t stop immediately.

He said: ‘Energy drinks consumption has been increasing over the years, particularly in younger people. 

Dr Gareth Nye, Programme Lead for Medical Science at Chester University, said the man is lucky that his heart didn't stop immediately

Dr Gareth Nye, Programme Lead for Medical Science at Chester University, said the man is lucky that his heart didn’t stop immediately

‘Well known side effects of energy drinks include tachycardia, anxiety, stomach irritation, and dehydration – mainly centred around the high caffeine content.

‘Caffeine is well known to alter the nervous system and cause dramatic changes to our hearts, with higher levels leading to a bigger impact. 

‘The man in question is extremely lucky his heart didn’t stop immediately after the ingestion of 10 cans of energy drink.

‘Energy drinks can however, on rare occasions lead to other organ damage with the pancreas being impacted in 35 people per 100,000 users in the United States.’

He added that, although remaining rare, it has the potential to be severe:

‘Acute pancreatitis is life threatening with death reporting in 50% of cases of severe illness.

‘In 80% of cases, acute pancreatitis is caused by alcohol consumption or gall stones but never the less the symptoms are severe abdominal pain and vomiting.’

A 2021 study found that a 21-year-old man from the UK who was suffering from unexplained kidney failure, had a history of energy drink consumption and two could be linked.

In 2019 an English 21-year-old, Vinny Pyner, got hooked on energy drinks to help him stay awake for his college studies and ended up snapping his weakened teeth

In 2019 an English 21-year-old, Vinny Pyner, got hooked on energy drinks to help him stay awake for his college studies and ended up snapping his weakened teeth

The study published in BMJ Case Reports states that ‘There was no significant past medical history and family history was not suspicious for cardiomyopathy or sudden cardiac death.’

Adding ‘however there was a history of regular ‘Energy drink’ drink consumption, specifically consuming an average of four 500 mL cans per day for approximately 2 years. 

‘Each can contains 160 mg of caffeine in addition to taurine and various other ingredients. 

‘Given the history of chronic energy drink consumption, lack of significant past medical or family history, cardiac imaging findings and improvement with ceasing intake, energy drink-induced cardiotoxicity was felt to be the most likely cause.’ 

Last year, a construction industry boss called for a building site ban on energy drinks as he believes they are damaging the health of young builders and making work slower.

In 2019 an English 21-year-old, Vinny Pyner, got hooked on energy drinks to help him stay awake for his college studies and ended up snapping his weakened teeth. 

Soon he was drinking up to 45 cans a week and his four front teeth eventually snapped off when he bit into an apple.



Read More

]]>
https://latestnews.top/gamer-chugged-twelve-energy-drinks-in-10-minutes-to-impress-his-friends-and-suffered/feed/ 0
Australian biofuel plant holds key to BP’s renewable energy future https://latestnews.top/australian-biofuel-plant-holds-key-to-bps-renewable-energy-future/ https://latestnews.top/australian-biofuel-plant-holds-key-to-bps-renewable-energy-future/#respond Fri, 22 Sep 2023 13:25:55 +0000 https://latestnews.top/australian-biofuel-plant-holds-key-to-bps-renewable-energy-future/ A new biofuel factory in Australia was at the forefront of BP’s efforts to go green under former boss Bernard Looney. Indeed, BP Australia’s boss Frederic Baudry describes the country as the ‘poster child’ of the FTSE 100 giant’s highly ambitious global energy transition strategy. So what becomes of the plant in Kwinana south of […]]]>


A new biofuel factory in Australia was at the forefront of BP’s efforts to go green under former boss Bernard Looney.

Indeed, BP Australia’s boss Frederic Baudry describes the country as the ‘poster child’ of the FTSE 100 giant’s highly ambitious global energy transition strategy.

So what becomes of the plant in Kwinana south of Perth following Looney’s departure last week – for failing to disclose personal relationships with staff – will say much about BP’s future under new leadership.

For 65 years, the site provided a steady source of employment, and fuel, to generations living in this small industrial offshoot in Western Australia. 

But with planes grounded and cars sitting idle in driveways during the Covid-19 pandemic, demand for fuel collapsed, further squeezing profit margins.

Biofuel factory: BP's plant in Kwinana, south of Perth, has been earmarked to make sustainable aviation fuel with raw materials such as used cooking oil or household

Biofuel factory: BP’s plant in Kwinana, south of Perth, has been earmarked to make sustainable aviation fuel with raw materials such as used cooking oil or household

BP shut the plant, laying off 600 workers, and converted the site into an import terminal to ship in cheaper fuel from overseas.

Two years on, the site is on the cusp of being repurposed again to spearhead the oil major’s pivot from hydrocarbons to renewable energy. 

It has been earmarked for a new generation of fuel refinery, one which makes sustainable aviation fuel with raw materials such as used cooking oil or household waste, and renewable diesel using vegetable oils, animal fats and other biowaste products.

With construction expected to get under way next year, BP hopes it will be its first global biofuel project off the blocks, powering planes, trucks and cars.

If all goes to plan – and it’s a big if – BP reckons it will be producing hydrogen from 2026 and at a sufficient scale to begin exporting it by the end of the decade. 

With its natural bounty of sun, wind and space, Australia is seen as an ideal place to generate wind and solar power, despite its remoteness.

During Looney’s tenure, Australia moved up the pecking order, behind the US and the UK, with projects worth tens of billions of dollars in the pipeline.

Ambitious plans: BP Australia chief Frederic Baudry

Some of the projects being planned are mind-boggling in scale, and would be out of the question in smaller, more densely populated European countries. 

One of the biggest is being spearheaded by BP in the Pilbara region of North Western Australian, best known as the country’s iron ore heartlands.

In June last year BP bought a 40.5 per cent stake in the Australian Renewable Energy Hub, which envisions covering around 2500 square miles of outback, an area roughly the size of Devon, with more than 1,700 wind turbines up to 950 feet high, and 18 giant solar farms. 

And all dedicated to generating electricity to produce ‘green hydrogen’, before adding nitrogen to convert it into ammonia to make it easier to export.

The renewables push has been encouraged by Australian prime minister Anthony Albanese’s Labour government, which swept to power last year on the back of bold pledges to tackle climate change.

The firm has already received $70million in federal government funding for the hub in Kwinana.

But at an event in London earlier this year, Baudry warned the Albanese government that more government support is required to give BP the confidence to invest hundreds of millions of dollars into turning its ‘shovel ready projects’ into a reality.

But with the departure of Looney, the driving force behind the company’s green ambitions, some shareholders dismayed by BP’s focus on renewable energy, which they believe has come at their expense, have been offered a glimmer of hope.

BP has been the worst performer of all the global oil majors, with its shares rising 10 per cent since Looney became chief executive in February 2020 compared with a rise of more than 25 per cent at Shell.

David Hewitt an analyst at Liberum said the company now has the opportunity to ‘reverse the overzealous pivot to lower returning renewables’ and refocus on what BP does best.

BP has already watered down its energy transition plan to an extent, announcing earlier this year that it would aim to cut oil production by a quarter by 2030 instead of by 40 per cent.

Russ Mould from AJ Bell believes a further retreat is off the cards for now, particularly with Murray Auchincloss – Looney’s former finance chief – as interim chief executive. 

But Mould speculated that BP may temper its green ambitions if oil prices remain elevated for a long time, or if high inflation deters households and businesses from switching to more expensive, and potentially less reliable, forms of renewable energy.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.



Read More

]]>
https://latestnews.top/australian-biofuel-plant-holds-key-to-bps-renewable-energy-future/feed/ 0
Devastating risks of transitioning to ‘green’ energy: Mining for electric-powering https://latestnews.top/devastating-risks-of-transitioning-to-green-energy-mining-for-electric-powering/ https://latestnews.top/devastating-risks-of-transitioning-to-green-energy-mining-for-electric-powering/#respond Fri, 22 Sep 2023 00:52:54 +0000 https://latestnews.top/devastating-risks-of-transitioning-to-green-energy-mining-for-electric-powering/ Tens of millions of people — more than live in the entire state of Florida — are now exposed to toxic water runoff from metal mining, a new study has found. The report lays bare the devastating impacts that can follow a reckless transition to ‘green’ energy, compounding the ecological damage wrought by over 150 years of […]]]>


Tens of millions of people — more than live in the entire state of Florida — are now exposed to toxic water runoff from metal mining, a new study has found.

The report lays bare the devastating impacts that can follow a reckless transition to ‘green’ energy, compounding the ecological damage wrought by over 150 years of drilling and mining for fossil fuels.

The researchers found that 23 million people worldwide, as well as 5.72 million in livestock, over 16 million acres of irrigated farmland and over 297,800 miles worth of rivers have been contaminated by mining’s toxic byproducts seeping into the water.

This metal mining includes many so-called ‘rare earth elements’ essential to the manufacture of high-tech electronics, solar cells, wind turbines and all the batteries needed to store sustainable ‘green’ energy (and power electric cars and iPhones).

While the new study focuses on environmental impacts, global metals mining has recently faced shocking lawsuits against major tech firms, including Apple, Google, Microsoft and Tesla, over child slavery in the Congo, where 70 percent of the industry’s cobalt is sourced.

Researchers found that over 297,800 miles worth of rivers have been contaminated by toxic mining byproducts. Above, a March 27, 2021 aerial view of an area contaminated with toxic waste generated by mining companies that have polluted the Tagarete river in Bolivia

Researchers found that over 297,800 miles worth of rivers have been contaminated by toxic mining byproducts. Above, a March 27, 2021 aerial view of an area contaminated with toxic waste generated by mining companies that have polluted the Tagarete river in Bolivia

The scientists found that 23 million people have been exposed to toxic mining waste worldwide. Above, Dan Bender of the La Plata County Sheriff's Office takes a sample from the Animas river in Colorado polluted by about 3 million gallons of waste from the Gold King Mine

The scientists found that 23 million people have been exposed to toxic mining waste worldwide. Above, Dan Bender of the La Plata County Sheriff’s Office takes a sample from the Animas river in Colorado polluted by about 3 million gallons of waste from the Gold King Mine

‘Rapid growth in global metal mining is crucial if the world is to make the transition to green energy,’ noted Chris Thomas, a zoologist at the University of Lincoln whose specialty is in spatial ecology and threats to the global water supply.

Thomas led the analysis and modelling work for the new study, which was published  today in Science.

Thomas and his colleagues have developed a new database, supported by on-the-ground testing, which now maps the hundreds of square miles’ worth of rivers and floodplains contaminated by these industrial processes across the globe. 

The devastation wrought by this contamination, they found, was widespread, affecting approximately 297,800 miles (479,200 km) of river systems total and over 63,000 square-miles (164,000 sq-km) of floodplains worldwide. 

But, North America stood out as the most affected, at 123,280 miles of tainted river systems, and approximately 10.7 million acres of polluted floodplains. 

But the damage was not much better in South America with 50,766 miles of rivers and over 9.5 million acres of floodplain impacted; nor in Asia with about 37,842 river-miles and about 8.3 million acres of floodplain polluted by metal mining waste.

In terms of potency of local damage, however, the the scientists saved their harshest criticisms for ‘the environmental legacy of historical mining,’ which they said was ‘most problematic in western Europe,’ where long-abandoned old mines have left lasting environmental damage.

‘Much of the estimated global contamination we have mapped is a legacy from the industrial era,’ Thomas said in a press statement. ‘Rightly, modern mining is being encouraged to prioritize environmental sustainability.’ 

Potentially harmful mining contaminants can seep into the local water supply, whether transported downstream to along river beds and floodplains, or deep into underground aquifers. Chronic copper metal poisoning kills a sheep in North Ronaldsay, Texel, Suffolk

Potentially harmful mining contaminants can seep into the local water supply, whether transported downstream to along river beds and floodplains, or deep into underground aquifers. Chronic copper metal poisoning kills a sheep in North Ronaldsay, Texel, Suffolk

The researchers identified 159,735 abandoned mines, marked in blue above, whose environmental impact due to laxer historic regulations contributed 'much of the estimated global contamination,' according to report co-author and spatial ecology expert Chris Thomas

The researchers identified 159,735 abandoned mines, marked in blue above, whose environmental impact due to laxer historic regulations contributed ‘much of the estimated global contamination,’ according to report co-author and spatial ecology expert Chris Thomas 

The study also modelled the waste from 22,609 active mines, marked in red above, as well as 11,587 mining waste storage facilities and 257 known cases of failed and leaking storage sites (not pictured above): 'the most comprehensive compilation of metal mine locations to date'

The study also modelled the waste from 22,609 active mines, marked in red above, as well as 11,587 mining waste storage facilities and 257 known cases of failed and leaking storage sites (not pictured above): ‘the most comprehensive compilation of metal mine locations to date’

The researchers developed a model to predict the spread of contaminants from all known active and inactive metal mines — plus facilities used to seal off hazardous mining waste — with a focus on pollution from lead, zinc, copper, and arsenic.

These potentially harmful contaminants and industrial byproducts can seep into the local water supply, whether transported downstream where the metals are deposited along river beds and floodplains, or otherwise sinks deep into underground aquifers.

Mark Macklin, director of the university’s Lincoln Centre for Water and Planetary Health, who led the international team behind the new research, said he anticipates the new study’s maps and modelling tools will help prevent future reckless mining.

‘We expect that this will make it easier to mitigate the environmental effects of historical and present mining,’ Macklin said.

‘Our new method for predicting the dispersal of mine waste in river systems provides governments, environmental regulators, the mining industry and local communities with a tool that, for the first time, will enable them to assess the offsite and downstream impacts of mining on ecosystem and human health.’

Inactive mines and their pollution outnumbers the mining waste generated by new mines

Inactive mines and their pollution outnumbers the mining waste generated by new mines

All told, the researchers identified 159,735 abandoned mines and 22,609 active mines — as well as 11,587 mining waste storage facilities and 257 known cases of failed and leaking storage sites. 

The team described the new database in their report as ‘the most comprehensive compilation of metal mine locations to date.’ 

Above a farmer copes with chemical waste on a corn crop in Ahmedabad, India in 2018. Industrial processing of mined metals was another pollution factor included in the study

Above a farmer copes with chemical waste on a corn crop in Ahmedabad, India in 2018. Industrial processing of mined metals was another pollution factor included in the study

Concerns over just how bad the ecological impact of metal mining for sustainable technology might be is complicated by the diverse variety of resources involved, which can lead to ‘apples to oranges’ comparisons.  

According to the MIT Environmental Solutions Initiative, green energy technologies like wind turbines and electric cars often do require many more mined minerals than the present fossil fuels infrastructure. 

One electric car, for example, requires six times more metallic and mineral materials than a combustion engine car, MIT’s university team reports. 

And a wind power plant requires nine times more of these mined compounds than a traditional gas-fired plant.

But these heavy investments in initial overhead are dwarfed by the repeated volume of fossil fuels currently mined today to meet present and growing energy demands. 

As of 2021, over 7.5 billion tons of coal were extracted from the ground, wreaking havoc on local people and environments from Sydney Australia’s Royal National Park, to coal-rich Inner Mongolia in China and more.

This is a whopping 25 times the current estimates of the metal mining needed for a clean energy revolution by 2040, according to projections from the Paris-based International Energy Agency (founded during the 1970s oil crisis by the OECD).

The transition, according to the IEA, will require new mining under 30 million tons.

Scott Odell, a visiting scientist at MIT’s Environmental Solutions Initiative who specializes in clean energy and mining, cautions however that these environmental impacts often need to be assessed on a more detailed, case by case basis.

The mining of any two different metals requires different techniques with different impacts — as can two separate deposits of the same metal if located in significantly different conditions.  

‘I think if someone were to tell you one or the other is better in terms of direct impacts pound for pound,’ Odell said, ‘you should ask a lot of questions about how they got to that answer.’



Read More

]]>
https://latestnews.top/devastating-risks-of-transitioning-to-green-energy-mining-for-electric-powering/feed/ 0
Wood Group win £262m contract with Harbour Energy which will provide hundreds of jobs in https://latestnews.top/wood-group-win-262m-contract-with-harbour-energy-which-will-provide-hundreds-of-jobs-in/ https://latestnews.top/wood-group-win-262m-contract-with-harbour-energy-which-will-provide-hundreds-of-jobs-in/#respond Mon, 04 Sep 2023 18:17:50 +0000 https://latestnews.top/2023/09/04/wood-group-win-262m-contract-with-harbour-energy-which-will-provide-hundreds-of-jobs-in/ Wood Group win £262m contract with Harbour Energy which will provide hundreds of jobs in Aberdeen The London-listed company said that contract is for an initial five years Wood revealed the deal will provide hundreds of jobs in the in Aberdeen area By Daniel Fessahaye Updated: 10:52 EDT, 4 September 2023 The Wood Group have won […]]]>


Wood Group win £262m contract with Harbour Energy which will provide hundreds of jobs in Aberdeen

  • The London-listed company said that contract is for an initial five years
  • Wood revealed the deal will provide hundreds of jobs in the in Aberdeen area

The Wood Group have won a contract with Britain’s largest North Sea oil and gas producer, which it says will provide hundreds of jobs in the Aberdeen area.

The London-listed company said it has entered into a five-year contract with Harbour Energy for $330million (around £262million).

In a statement, Wood said it will ‘provide engineering, procurement and construction and operations and maintenance services, including digital and decarbonisation solutions, for a number of Harbour’s offshore assets critical to UK energy security.’

The Aberdeen-based company said that has entered in a five year contract with Harbour Energy for $330million (around £262million)

The Aberdeen-based company said that has entered in a five year contract with Harbour Energy for $330million (around £262million)

Steve Nicol, Wood’s executive president of operations, said: ‘We are incredibly proud to have been selected and trusted by Harbour Energy to partner with them across their North Sea assets. 

‘We share a commitment to ensuring safe, reliable and sustainable energy production and are confident our integrated digital solutions and world-leading engineering, operations and decarbonisation expertise will enable Harbour to maximise their investment and ensure the UK continues to have the energy mix it needs.’

Last week, Harbour Energy revealed it had swung to a small first-half loss as the effect of declining energy prices was compounded by high tax payments.

Britain’s largest North Sea oil and gas producer reported an $8million loss for the six months ending June, having made a $1billion profit for the same period last year.

The company saw turnover from hydrocarbon production plummet by around a quarter to $1.99billion as oil and gas prices slid from their elevated highs.

Nicol added: ‘We have worked on North Sea assets for more than 50 years and excel in designing and managing the complexity of energy infrastructure while at the same time seeking to minimise associated emissions. 

‘This new agreement and new contracts are testament to Wood’s role as a trusted technical partner to the energy companies of the future, where our priority is to help our clients deliver the energy the world needs and be able to transition to a low carbon future.’

Audrey Stewart, Harbour Energy’s vice president of supply chain, said: ‘Harbour is excited to develop our relationship with Wood and the signing of this contract is an important step forward in establishing our suite of long-term strategic partnerships across our North Sea assets.’

This partnership will support the employment of hundreds of people from Wood’s Operations business in Aberdeen and offshore across the two EPC and O&M contracts, with further recruitment expected in 2024.

Harbour shares were up by 0.55 per cent to 255p in Monday afternoon trading. 





Read More

]]>
https://latestnews.top/wood-group-win-262m-contract-with-harbour-energy-which-will-provide-hundreds-of-jobs-in/feed/ 0
Octopus agrees deal to snap up 2m Shell Energy customers https://latestnews.top/octopus-agrees-deal-to-snap-up-2m-shell-energy-customers/ https://latestnews.top/octopus-agrees-deal-to-snap-up-2m-shell-energy-customers/#respond Fri, 01 Sep 2023 23:41:30 +0000 https://latestnews.top/2023/09/01/octopus-agrees-deal-to-snap-up-2m-shell-energy-customers/ Octopus is set to become the UK’s second biggest energy supplier after it announced plans to buy Shell’s household gas and electricity business. The company, which started as a challenger to traditional suppliers, has climbed the rankings of the energy firms and now only Centrica-owned British Gas lies ahead of it. Founded in 2015 by […]]]>


Octopus is set to become the UK’s second biggest energy supplier after it announced plans to buy Shell’s household gas and electricity business.

The company, which started as a challenger to traditional suppliers, has climbed the rankings of the energy firms and now only Centrica-owned British Gas lies ahead of it.

Founded in 2015 by businessman Greg Jackson, Octopus will supply energy to almost 6.5m customers following the deal.

The acquisition, which also includes Shell Energy’s German business, comes less than a year after Octopus took on 1.5m customers from Bulb after its collapse into administration.

The deal needs regulatory approval and is expected to be completed in the fourth quarter of the year.

The Competition and Markets Authority declined to comment on whether it will investigate.

Chief executive Jackson said: ‘Octopus has proven that it delivers game-changing service while innovating and investing relentlessly towards a cheaper cleaner energy system.’

Consolidation in the energy sector has ramped up over the last few years with Octopus emerging as one of the major players.

Many smaller suppliers collapsed in the autumn and winter of 2021 under the pressure of soaring wholesale gas prices, with millions of customers snapped up by surviving businesses. The biggest casualty of the crisis was Bulb, which had been Britain’s seventh biggest energy supplier.

E.On bought N Power in 2019 and Ovo Energy, founded by Northern Irish businessman Stephen Fitzpatrick in 2009, purchased SSE in January 2020.

Ovo Energy’s and Octopus’s trajectories are similar.

Both were founded by British entrepreneurs as challengers to the established suppliers and have gone on to become two of the major players in the UK’s energy market.

Shell Energy entered the UK domestic energy market when it bought First Utility in 2018. The oil giant announced in June that it had put its British and German domestic energy business up for sale, exiting the household energy supply sector after just five years.

It followed a strategic review of the division under chief executive Wael Sawan, who was appointed in January this year.

In May, it was reported that Ovo and Centrica were among those also interested in bidding for the company.

Spreading its tentacles: Octopus was founded in 2015 by Greg Jackson

Spreading its tentacles: Octopus was founded in 2015 by Greg Jackson

Shell Energy customers in the UK will be transferred to Octopus following the deal’s completion and will not face any disruption to energy supply.

Shell is also winding down its home energy retail business in the Netherlands but said it does not plan to exit the home energy markets in Australia or the USA. Russ Mould, investment director at AJ Bell, said that the ‘deal suits the strategic objectives of both firms’.

‘Shell exits a market that has seen low returns for energy providers, thanks to soaring wholesale energy costs and increased regulatory and political pressure in the form of caps on the prices that suppliers can charge their customers,’ Mould said.

He added: ‘Providing the transaction gets regulatory approval, this is another step for Octopus to cementing its position as a leading supplier in the UK energy supply market, following the failure or withdrawal of many rivals and its purchase of Bulb in 2022.’

The deal also includes 500,000 UK broadband customers.

Octopus does not currently have a broadband division and said it could not comment on plans for those customers until after the deal receives regulatory approval.

James Mabey, an analyst at analysis provider Cornwall Insight, said: ‘This marks the second major customer book acquisition by Octopus Energy in the last year, after the transfer of Bulb’s customers.

‘The transfer of Shell’s customers will represent an increase in customer numbers on a similar scale. The acquisition will see concentration in the domestic supply market taken to its highest level since early 2016.’

What to do if you’re a Shell Energy customer

The deal is expected to complete in the final three months of 2023 following regulatory approval so Shell customers have been advised to sit tight.

In time they will be transferred to their new account with Octopus, together with their existing direct debits and all customer credit balances are protected.

Natalie Mathie, energy expert at Uswitch, said: ‘Until any takeover is done and dusted, the business will operate as normal. 

‘Customers can be reassured that whatever happens, their credit balances will be protected and no action is required from them.

‘Shell Energy’s decision to exit the market is disappointing, as it has been a well-backed challenger to the larger energy suppliers.

‘It is important that there is strong competition between firms in the longer term, so suppliers cannot rest on their laurels when it comes to service quality and price.’ 

What about broadband customers?

Peter Ames, broadband expert at Broadband Genie, said: ‘While many eyes will be on how the Shell Energy takeover by Octopus will affect its energy customers, around half a million people also get their broadband through the company.

‘A question mark remains over the future of Shell Energy Broadband and whether Octopus will use this acquisition to venture into telecoms. 

‘For the time being at least, we are being told that customers won’t see a drop in service or an increase to their bills.’

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.



Read More

]]>
https://latestnews.top/octopus-agrees-deal-to-snap-up-2m-shell-energy-customers/feed/ 0
BUSINESS LIVE: Hays’s new boss; Harbour Energy; James Cropper; FTSE edges up https://latestnews.top/business-live-hayss-new-boss-harbour-energy-james-cropper-ftse-edges-up/ https://latestnews.top/business-live-hayss-new-boss-harbour-energy-james-cropper-ftse-edges-up/#respond Thu, 24 Aug 2023 10:56:44 +0000 https://latestnews.top/2023/08/24/business-live-hayss-new-boss-harbour-energy-james-cropper-ftse-edges-up/ LIVE BUSINESS LIVE: Hays’s new boss; Harbour Energy; James Cropper; FTSE edges up By This Is Money Updated: 06:34 EDT, 24 August 2023 Among the companies with reports and trading updates today are Hays, Harbour Energy, Intertek and James Cropper. Read the Thursday 24 August Business Live blog below. > If you are using our […]]]>


LIVE

BUSINESS LIVE: Hays’s new boss; Harbour Energy; James Cropper; FTSE edges up

Among the companies with reports and trading updates today are Hays, Harbour Energy, Intertek and James Cropper. Read the Thursday 24 August Business Live blog below.

> If you are using our app or a third-party site click here to read Business Live 

Aldi offers lifeline to Wilko workers and says it has 6k jobs open

Aldi UK has called on Wilko workers fearful of losing their jobs to get in touch as the supermarket has over 6,000 store vacancies available.

Aldi previously said it was creating 800 jobs in its new stores over the coming months and today added that it was also recruiting for a ‘large volume’ of other store roles across the country as its expansion continues.

OSB Group tops FTSE 350 fallers

Top 15 falling FTSE 350 firms 24082023

Liontrust shares rise 10% in early trading

Top 15 rising FTSE 350 firms 24082023

Hays appoints new boss and warns of more job cuts

Recruitment groups Hays has appointed insider Dirk Hahn as its new chief executive, while also seeing its profit fall in the last year and warning of fresh job cuts.

This follows an announcement on 23 February that the company had started a process to identify a successor to Alistair Cox.

Lord King says the time for interest rates hikes is over

Former Bank of England governor Mervyn King claimed yesterday the time for rapid interest rate increases is over as shock economic figures raised fears that Britain is heading for recession.

The data showed private sector output shrank this month at the fastest pace since January 2021 when Britain was in lockdown.

Hays appoints new boss and warns of more job cuts

Recruitment groups Hays has appointed insider Dirk Hahn as its new chief executive, while also seeing its profit fall in the last year and warning of fresh job cuts.

This follows an announcement on 23 February that the company had started a process to identify a successor to Alistair Cox.

Sterling and gilt yields fall as recession fears mount

Sterling and gilt yields tumbled yesterday as mounting fears of recession saw investors scale back bets on where interest rates will peak.

As central bankers headed to Jackson Hole in Wyoming in the US for their annual chinwag, a set of bleak reports showed private sector activity across Britain and the eurozone in sharp decline as inflation and rising borrowing costs take their toll.

More homes hit lettings market as sales stall – so will rents go down?

More homes are going up for rent, as stubborn owners increasingly shift from selling to letting when they don’t get the price they want.

Two years of near-double digit rent increases have seen renting become increasingly expensive, with demand from tenants far outstripping the supply of homes.

Hundreds of Wilko stores to close after rescue fails

Hundreds of Wilko stores are set to close and thousands of staff will lose their jobs after talks to buy it collapsed without a rescue deal last night.

The 93-year-old chain tumbled into administration this month – putting 400 stores and 12,000 jobs at risk.

North Sea firm cuts UK production as windfall tax backfires

North Sea oil and gas producer Ithaca Energy said the windfall tax has forced it to slash production in the UK.

The FTSE 250 company said it was writing off £58m as a direct impact from the levy, pushing it to scale back plans for the second half of 2023 and into 2024.

The FTSE 100 index opened at 7320.53

The pound at 8am was $1.2704 compared to $1.2713 at the previous close.





Read More

]]>
https://latestnews.top/business-live-hayss-new-boss-harbour-energy-james-cropper-ftse-edges-up/feed/ 0
Centrica predicts ‘significantly higher’ profits from household energy arm https://latestnews.top/centrica-predicts-significantly-higher-profits-from-household-energy-arm/ https://latestnews.top/centrica-predicts-significantly-higher-profits-from-household-energy-arm/#respond Tue, 13 Jun 2023 13:22:14 +0000 https://latestnews.top/2023/06/13/centrica-predicts-significantly-higher-profits-from-household-energy-arm/ British Gas owner Centrica predicts ‘significantly higher’ profits from household energy business Centrica told investors the opening five months of 2023 were ‘strong overall’  Its anticipates full-year adjusted EPS will be towards the top end of forecasts CEO Chris O’Shea’s proposed £4.5m pay packet has been heavily criticised By Harry Wise For This Is Money […]]]>


British Gas owner Centrica predicts ‘significantly higher’ profits from household energy business

  • Centrica told investors the opening five months of 2023 were ‘strong overall’ 
  • Its anticipates full-year adjusted EPS will be towards the top end of forecasts
  • CEO Chris O’Shea’s proposed £4.5m pay packet has been heavily criticised

British Gas parent company Centrica expects to post ‘significantly higher’ profits from its UK retail division for the first half of this year.

Centrica told investors Tuesday that the business has been bossted by regulatory changes that enable energy suppliers to be reimbursed some costs from selling to customers at capped prices.

The Government’s Energy Price Guarantee limits a typical annual household energy bill to £2,500, but this will drop to £2,074 from the beginning of July due to slumping wholesale costs for gas.

Outlook: British Gas's parent company Centrica anticipates its full-year adjusted earnings per share will be towards the top end of analyst expectations

Outlook: British Gas’s parent company Centrica anticipates its full-year adjusted earnings per share will be towards the top end of analyst expectations

Centrica said the opening five months of 2023 were ‘strong overall’, thanks to an impressive result from its energy marketing and trading arm, and ‘good’ availability from its nuclear and gas production and storage assets.

As a consequence, it anticipates full-year adjusted earnings per share will be towards the top end of analyst expectations of 16.5p to 24.7p.

However, it cautioned that ‘uncertainties remain’ for the remainder of the trading period, including the impacts of weather, commodity prices, the economic environment and government policy.

The company’s trading update came ahead of Centrica annual general meeting in Leeds on Tuesday, where investors voted to approve the £4.5million pay proposed for chief executive Chris O’Shea.

Controversy has erupted over the compensation package, which contains bonuses of £3.7million, due to the rise in fuel poverty across the UK caused by skyrocketing household energy bills.

Unite the union had urged shareholders to reject it, with general secretary Sharon Graham saying the ‘obscene bonus is just one glaring example of the epidemic of profiteering afflicting the country’.

Centrica’s profits tripled to a record £3.3billion in 2022 as gas and electricity prices soared in the aftermath of loosening Covid-related restrictions and Russia’s invasion of Ukraine.

Prices were further pushed up by the UK’s low gas storage capacity levels, poorer-than-forecast wind and solar power generation levels in 2021, and greater gas demand from Asia and South America.

O’Shea’s bonus also comes against the backdrop of an Ofgem probe into British Gas hiring third-party contractors who broke into vulnerable people’s homes to forcibly install pre-payment meters.

The regulator has subsequently introduced a new code of practice that requires suppliers and contractors to refrain from compulsory installations for the ‘highest risk’ groups, such as the over-85s and homes containing residents with terminal illnesses.

Russ Mould, investment director at AJ Bell, said: ‘The owner of British Gas is doing little to endear itself to the UK’s hard-pressed households, even if shareholders will be pleased, as it guides for profit at the top end of expectations.’

He added: ‘Unlike some utility suppliers, Centrica has been spared much pain during the energy crisis because it benefited from its wholesale business.’

Centrica shares were 1 per cent lower at 116.7p on early Tuesday afternoon, yet their value has expanded by around 51 per cent over the past 12 months.





Read More

]]>
https://latestnews.top/centrica-predicts-significantly-higher-profits-from-household-energy-arm/feed/ 0
Oil and gas windfall tax to be shelved if energy prices fall significantly https://latestnews.top/oil-and-gas-windfall-tax-to-be-shelved-if-energy-prices-fall-significantly/ https://latestnews.top/oil-and-gas-windfall-tax-to-be-shelved-if-energy-prices-fall-significantly/#respond Fri, 09 Jun 2023 19:07:16 +0000 https://latestnews.top/2023/06/09/oil-and-gas-windfall-tax-to-be-shelved-if-energy-prices-fall-significantly/ Government to shelve windfall tax for oil and gas companies if energy prices fall significantly Oil and gas firms currently pay a 35% ‘energy profits levy’ on North Sea profits The UK government estimates the levy has raised £2.8bn since being introduced Harbour Energy recently declared it would cut 350 jobs due to the windfall […]]]>


Government to shelve windfall tax for oil and gas companies if energy prices fall significantly

  • Oil and gas firms currently pay a 35% ‘energy profits levy’ on North Sea profits
  • The UK government estimates the levy has raised £2.8bn since being introduced
  • Harbour Energy recently declared it would cut 350 jobs due to the windfall tax 

Oil and gas producers will not pay a windfall tax if energy prices drop to ‘historically normal levels’ for a continued period, under plans announced by the government.

HM Treasury said the measure was needed to encourage investment in the North Sea, protect jobs and improve the UK’s domestic energy supply amidst Russia’s full-scale invasion of Ukraine.

Oil and gas firms currently pay a 35 per cent ‘energy profits levy’ on the profits made from North Sea production, in addition to a 40 per cent headline rate of tax.

Taxing: Oil and gas firms currently pay a 35 per cent 'Energy Profits Levy' on the profits made from North Sea production, in addition to a 40 per cent headline rate of tax

Taxing: Oil and gas firms currently pay a 35 per cent ‘Energy Profits Levy’ on the profits made from North Sea production, in addition to a 40 per cent headline rate of tax

The UK government estimates the levy has raised £2.8billion since being introduced by then-Chancellor of the Exchequer Rishi Sunak in May 2022 and is anticipated to raise about £26billion by March 2028.

Money from the levy has gone towards supporting households and businesses with their energy bills, which have skyrocketed in the past 18 months due to the conflict in Ukraine and the loosening of Covid-related restrictions.

But energy companies have complained that the levy has forced them to cut investment plans, even though they can save 91p in tax for every £1 they invest in new oil and gas extraction.

Harbour Energy recently declared it would cut 350 jobs and shift expenditure away from the UK after it stopped bidding for new North Sea projects and saw annual profits virtually wiped out by the windfall tax.

The government has now said petroleum firms will not pay the EPL if oil prices stay below $71.40 per barrel and gas remains under 54 pence per therm for two successive quarters.

On Friday, a barrel of Brent Crude was trading at $76.13 a barrel, while natural gas stood at 68.4 pence per therm.

Gareth Davies MP, exchequer secretary to the Treasury, said: ‘It’s so important that we secure investment in our own domestic supply, protecting the tens of thousands of British jobs that come with it.

‘It would be beyond irresponsible to turn off the North Sea taps overnight. Without oil and gas from British waters, we would be forced to import even more from overseas, putting our security of supply at risk.’

Shell

BP

Earnings: Many campaigners and politicians believe reducing the windfall tax is wrong, given that some oil and gas companies such as Shell and BP are making record profits

A ban on new North Sea oil and gas investment would lead to the UK’s dependence on imports rising from 50 per cent to 80 per cent by 2033, according to figures from the government and the North Sea Transition Authority.

The Treasury’s decision comes as Norwegian energy giant Equinor prepares to decide on the future of Rosebank, a £4.5billion project that could produce up to 300 million barrels of oil.

But environmental groups are vehemently opposed to the site’s development, with the organisation Uplift claiming it would emit over 200 million tonnes of carbon dioxide.

Many campaigners and politicians also believe reducing the windfall tax is wrong, given that some oil and gas companies are making record profits and spending huge sums on share buybacks and dividends.

BP made £23billion in underlying earnings and bought about $11.7billion of its own shares last year, more than double the previous year’s amount.

Just as controversial with environmental activists, the firm announced a scaling back of its planned carbon emissions reduction target.

Meanwhile, Shell revealed a record £32.2billion annual profit for 2022, £1.4billion higher than analysts had predicted, mainly due to soaring gas prices.

Alice Harrison, fossil fuels campaign leader at Global Witness, said: ‘Now is not the time to be asking those companies to pay even less tax. This is a government on the side of polluters, not the people.’

Harrison further accused the government of having ‘learned nothing from the energy crisis and is intent on returning to business as usual as quickly as possible.

She added: ‘The fossil fuel industry has used its enormous influence and power to fight the windfall tax, and it is an affront to humanity that it appears to have won.’ 





Read More

]]>
https://latestnews.top/oil-and-gas-windfall-tax-to-be-shelved-if-energy-prices-fall-significantly/feed/ 0
FDA warns Americans not to confuse poppers with energy shots https://latestnews.top/fda-warns-americans-not-to-confuse-poppers-with-energy-shots/ https://latestnews.top/fda-warns-americans-not-to-confuse-poppers-with-energy-shots/#respond Fri, 26 May 2023 18:03:14 +0000 https://latestnews.top/2023/05/26/fda-warns-americans-not-to-confuse-poppers-with-energy-shots/ FDA issues fresh warning about ‘poppers’ – the sex enhancement drug sold in gas stations that Americans are mistaking for energy drinks and DYING By Luke Andrews Health Reporter For Dailymail.Com Updated: 12:48 EDT, 26 May 2023 Americans are being warned not to confuse ‘poppers’ with energy drinks when they go to gas stations. The […]]]>


FDA issues fresh warning about ‘poppers’ – the sex enhancement drug sold in gas stations that Americans are mistaking for energy drinks and DYING

Americans are being warned not to confuse ‘poppers’ with energy drinks when they go to gas stations.

The Food and Drug Administration warned people were accidentally drinking the sexual stimulants sold in similar small and brightly-colored bottles.

They said people were dying or facing hospitalization after drinking poppers, which are sold as ‘solvents’ and not meant for human consumption.

It comes after the FDA warned people over the dangers in 2021, saying drinking poppers can lead to seizures, comas and death.

Don't confuse poppers for energy shots, says the Food and Drug Administration

Both have similar packaging which has triggered confusion previously

The Food and Drug Administration is warning people not to confuse poppers (right) for energy shots. They say the mistake could be fatal

‘Poppers’ are sold at gas stations across the US and are popular in party culture and certain communities including the LGBT group.

People inhale poppers — which contain alkyl nitrites — that are quickly absorbed through the lungs into the blood stream and pass to the brain.

This can cause a rush of blood to the head, a surge in heart rate and feelings of relxation and euphoria

They are often deployed as sexual stimulants or at raves where people inhale them to enhance their experience.

But they are also sold in small 10 to 30-milliliter bottles with bright colors that closely resemble those for shots of energy drinks, which can lead to mistaken purchases.

The FDA said in its warning: ‘A single mistake can prove fatal.

‘We continue to receive reports of people dying or being severely injured after consuming poppers that resemble, and [are] often mistaken for, popular energy shots.’

They add: ‘Drinking or inhaling poppers seriously jeopardizes your health.’

Poppers are considered not to be dangerous when inhaled because people generally receive a low dose.

But when they are ingested, the chemicals in them cause a sudden widening of blood vessels across the body.

This can trigger a sudden drop in blood pressure, loss of consciousness and even death.

The chemicals can also corrode parts of the digestive system causing serious damage and leading to inflammation, ulceration and damage to the lining of the stomach and small intestine.

People who have previously died from drinking poppers include a 22-year-old Australian man, with his case reported in 2017.

The individual drank poppers while attending the five-day Rainbow Serpent dance festival, outside Melbourne, and went into cardiac arrest before dying.

In another incident reported from the UK in 2020, a woman died the same day that she drank an entire bottle of a popper.

The FDA does not release estimates for how many people die after drinking poppers every year in the US.

Poppers are not regulated in the US because they are sold as ‘cleaners’ or ‘solvents’ with labels indicating they are not intended for human consumption.

They have never been approved for consumption by humans.

Dr Judy McMeekin, a pharmacist at the FDA, said in 2021: ‘Make no mistake, ingesting or inhaling poppers seriously jeopardizes your health.

‘These chemicals can be caustic and damage the skin or other tissues they come in contact with, cause difficulty breathing, extreme drops in blood pressure, decreases in blood oxygen levels, seizures, heart arrhythmia, coma, and death. Do not ingest or inhale under any circumstances.’



Read More

]]>
https://latestnews.top/fda-warns-americans-not-to-confuse-poppers-with-energy-shots/feed/ 0
Energy bills set to drop below £2,000 to ease pain on families https://latestnews.top/energy-bills-set-to-drop-below-2000-to-ease-pain-on-families/ https://latestnews.top/energy-bills-set-to-drop-below-2000-to-ease-pain-on-families/#respond Sun, 07 May 2023 05:59:12 +0000 https://latestnews.top/2023/05/07/energy-bills-set-to-drop-below-2000-to-ease-pain-on-families/ Analysts predict average household energy bills could fall to below £2,000 a year this summer after a slump in gas prices By Luke Barr, Financial Mail On Sunday Published: 16:52 EDT, 6 May 2023 | Updated: 16:52 EDT, 6 May 2023 Average household energy bills could fall to below £2,000 a year this summer after […]]]>


Analysts predict average household energy bills could fall to below £2,000 a year this summer after a slump in gas prices

Average household energy bills could fall to below £2,000 a year this summer after a slump in gas prices, analysts predict.

Annual gas and electricity charges may dip to £1,900 for the typical household by July as ‘normality’ returns to the energy market.

The current energy price cap – set in April – is £3,280 a year.

Figures show that the gas price has returned to where it was 15 months ago, before Russia’s invasion of Ukraine sent shockwaves through the energy sector.

Experts have said falling gas prices will bring huge relief to families burdened by eye-watering energy costs.

Rising prices resulted in the collapse of about 30 energy suppliers in the UK from 2021 on, and led to the Government paying billions of pounds in taxpayer support.

A surge in the price of wholesale gas was also a key driver in the cost-of-living crisis, helping push inflation into double digits.

Tony Jordan at energy consultancy Auxilione said ‘fear is coming out of the markets’. He added: ‘The gas price is about 80p a therm. Back in August, it was £7. We were forecasting some scary numbers but the price has really come down. It is heading in the right direction.’

Energy regulator Ofgem will set the next price cap at the end of this month to cover the period from July to September.

Customers have typically been paying less than Ofgem’s level as the Government’s separate Energy Price Guarantee capped the typical household bill at £2,500 a year.

Jordan said lower wholesale gas prices would start filtering through to people’s bills by the summer, which is when the Energy Price Guarantee ends.

Simon Cran-McGreehin, head of analysis at the Energy and Climate Intelligence Unit, said gas prices have plunged thanks to Europe weaning itself off Russian supplies. He said the ‘remarkable’ drop in energy usage across the Continent and UK also eased pressure on prices. 

Government data shows that energy demand fell to levels not seen in 50 years throughout winter as millions tried to minimise the energy they used at home.

But Cran-McGreehin warned the price of wholesale gas could remain up to three times higher than before the crisis if countries keep avoiding energy from Russia.

An Ofgem spokesman said: ‘Right now, we anticipate the next price cap will be lower, but future levels remain uncertain.’

The regulator said lower prices were good news for competition returning to the market as suppliers will be able to offer customers cheaper deals.

Cran-McGreehin added: ‘Competition was one of the many casualties of the energy crisis because all customers ended up on the price cap. Now that prices have fallen, there is more leeway for suppliers to offer different tariffs.’

Jonathan Brearley, Ofgem boss, said last month it is ‘unlikely prices will return to those seen before 2021’.



Read More

]]>
https://latestnews.top/energy-bills-set-to-drop-below-2000-to-ease-pain-on-families/feed/ 0